Posts Tagged ‘on-line accounts’

When Your 401K Gets Hacked

Monday, March 11th, 2013

When Bill Foster’s 401K account was emptied and he lost over $40,000 he did what a lot of us might do: he sued the company managing his funds.  But the verdict was rendered a few months ago: the company is not responsible.  It’s his fault since he failed to file a change of address, and someone else used the information she received (by snail mail, at his old address) for accessing his account.

In another case in 2007 a man lost $179,000.  He was hacked by a cybercriminal, but it was also concluded there was no liability on the part of the fund company.  Fortunately for him, investigators were able to recover the funds before they were wired out of the country.  Unfortunately for the rest of us, cybercriminals are much smarter today than they were in 2007.

In the first instance, Bill had moved out of his home a few months before the 401K fund managers sent a letter to his home with details on how to access his accounts.  His estranged (soon to be ex) wife opened the letter and used his Social Security number to reset his password and receive a new pin.  Bill only discovered she had drained his account the following year.  Although clearly his ex-wife’s actions were fraudulent, Bill is considered liable (more…)

Darn Security Questions and the Day I Wished for More Numbers

Tuesday, June 19th, 2012

How many of you have been locked out of an on-line account at least once?  Everyone, right?

It happens after trying too many passwords.  Maybe because SOMEONE was multi-tasking with the caps-lock on.

Of course we can always call and ask the security police to retrieve it.  Two weeks ago I had to do this, and along the way I glimpsed a whole new level of security interrogation.  My experience went something like this:

“Name of your first pet?”

Hmm, I wonder: do I count the Gerry the gerbil, even though he was actually my brother’s?  Or what about the stray tabby we fed every day when we lived in Chevy Chase?  I’m not sure so I settle on “Fritz”, the fluffy French poodle Grandma gave us, who unfortunately only lasted three weeks.  But my security wench with the Indian accent doesn’t like this answer and skips to a question about cars.

“What was your first car?” (more…)